Impact of Global Recession on Developed and BRIC Countries

The financial crisis that began in the US in the year 2007 became a full-scale crisis in the year 2008 and 2009 which, in turn, affected each and every economy in some way or the other including the ones which were not directly related to the crisis. There has been considerable slowdown in most developed countries. Investment banks have collapsed, rescue packages were drawn up involving more than a trillion US dollars, and interest rates have been cut around the world in what looks like a coordinated response. Leading indicators of global economic activity, such as shipping rates, had declined at alarming rates. The objectives of the present paper are: (i) to learn about the causes of global recession an financial crisis 2008-09 (ii) to understand the nature & implications of global recession on the business (iii) to learn more about the impact of global recession on the developed countries as well as emerging countries